OMPI..VRX raises offer to$24
Today : Wednesday 3 April 2013
Obagi Medical Products, Inc. (NASDAQ: OMPI) (the “Company” or “Obagi”) today announced that Obagi and Valeant Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) have executed an amendment to their Agreement and Plan of Merger, dated March 19, 2013. Pursuant to the amendment, Valeant increased its offer to acquire all of the outstanding common stock of Obagi from $19.75 to $24.00 per share in cash.
The Obagi Board of Directors unanimously approved the amended transaction and recommends that Obagi stockholders tender their shares in accordance with the terms of the amended merger agreement.
The offer documents and the Company’s solicitation/recommendation statement on Schedule 14D-9 will be amended to reflect the new offer price of $24.00 per share. The expiration date of the tender offer will remain 12:00 midnight, New York City time, on April 23, 2013. The tender offer is conditioned on the tender of a majority of Obagi's shares calculated on a diluted basis, as well as the receipt of certain regulatory approvals and other customary closing conditions. Following the successful completion of the tender offer, a wholly owned subsidiary of Valeant will merge with Obagi and the outstanding Obagi shares not tendered in the tender offer will be converted into the right to receive the same $24.00 per share in cash paid in the tender offer. The amendment also increases the termination fee to $21 million
